Unit 3 Finance - Technology Flashcards
What is a spreadsheet used for in the finance department?
A spreadsheet is used for calculations, creating income statements, generating charts/graphs, and performing ‘what-if’ scenarios.
Give two examples of spreadsheet software.
Microsoft Excel and Apple Numbers.
List three uses of spreadsheets in finance.
- Calculate profit using formulae - Create accounts such as income statements
- Create charts/graphs to show profit levels over time.
What is the advantage of using spreadsheets over paper-based documents?
Figures can be changed easily, and formulae automatically update values.
What is online banking used for in the finance department?
To pay bills and transfer money instantly.
Name an example of accounting software used by the finance department.
Sage (or QuickBooks).
What is accounting software used for?
To create financial accounts such as income statements and automate bookkeeping tasks.
What are electronic payment systems used for?
To pay bills and transfer/receive money to/from customers quickly and securely.
Give two examples of electronic payment systems.
Apple Pay and Google Pay.
What is word processing software used for in finance?
To create reports and write letters.
What is presentation software used for in finance?
To create presentations to showcase financial performance or budgets.
What is database software used for in finance?
To store customer contact details for payment reminders or credit control purposes.
Give an example of database software.
Microsoft Access.
What is email software used for in the finance department?
To remind customers of payments to be made and communicate with stakeholders.
List three benefits of electronic payment systems.
- Faster processing
- Enhanced cash flow visibility
- Integration with accounting software for automation.
What are BACS payments used for?
To securely transfer money between bank accounts, such as paying staff wages or suppliers.
What is EFTPOS?
Electronic Funds Transfer Point of Sale - a method of paying for goods using debit cards, credit cards, or app payments like Apple Pay.
How does internet banking benefit the finance department?
It saves time by reducing trips to the bank and allows instant fund transfers.
List two advantages of using electronic payment systems over traditional methods.
- Reduced processing costs
- Increased payment security.
How can presentation software help finance teams?
It helps create visually appealing presentations to explain financial data to stakeholders clearly.
